Lagos, April 16, 2025 — The Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced one Uzondu Precious Chimaobi to four years in prison for refusing to accept the Nigerian Naira as a legal tender.
Justice Alexander Owoeye delivered the judgment on Tuesday, April 15, following Chimaobi’s change of plea to guilty on a two-count charge filed by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
Charges and Offence
Chimaobi, owner of Unlimited Jewellers Limited located at Atlantic Mall, Chevron Drive, Lekki, Lagos, was initially arraigned on February 5, 2025. One of the charges read:
“That you, Precious Chimaobi Uzondu, on the 10th of December 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept Naira (Nigeria legal tender) by accepting the sum of $5,700 (Five Thousand Seven Hundred USD) as a means of payment for a Cartier diamond bracelet with serial number 12345678, thereby committing an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”
EFCC Investigation and Trial
The EFCC’s first prosecution witness, operative Owolabi Oyarekhua Jude, testified that intelligence had been received regarding Chimaobi’s activities. Undercover operatives confirmed that the company listed jewelry items in USD and refused to accept Naira for purchases.
Jude testified that a covert operation was carried out in which an undercover agent purchased a Cartier Diamond Nail bracelet tagged at $6,000 but negotiated to $5,700 — paid entirely in U.S. dollars. The company issued a receipt in dollars, thereby violating the CBN Act.
Guilty Plea and Sentencing
On April 14, 2025, Chimaobi changed his plea to guilty. Following this, the prosecution counsel, H.U. Kofarnaisa, urged the court to rely on already admitted evidence and witness testimony to convict the defendant.
On April 15, Justice Owoeye delivered his ruling:
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On Count One, Chimaobi was fined ₦50,000.
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On Count Two, he was sentenced to four years’ imprisonment, with an option of a ₦600,000 fine.
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His Cartier diamond wristwatch was also ordered forfeited to the Federal Government of Nigeria.
Chimaobi’s conviction marks a precedent-setting case in enforcing the exclusive use of the Naira in domestic transactions as mandated by Nigerian law.
